CAPABILITY

Regulatory Remediation and Compliance Transformation

THE REGULATORY ANDCOMPLIANCE CHALLENGE

Four priorities drive regulatory and compliance programs.

Waves of regulations are keeping financial services institutions on their toes. Costs for compliance are high, and financial institutions should frequently restructure to keep in compliance and future-proof the enterprise. Most institutions struggle to balance compliance and operating concerns with their need to craft a strong reputation as a desirable employer and good corporate citizen.

Several themes underlie the need for change in regulatory and compliance programs according to senior financial services compliance executives surveyed by Accenture:

Restructuring

78% of respondents expect compliance to have greater influence over their firms’ strategy, business model and culture.*

Reputation

Financial services institutions should continually manage and enhance their reputation as corporate citizens and desirable employers.

75% of respondents agree compliance will take more responsibility in driving a firm wide program and cultural change within the next three years.*

Cost effectiveness

Financial pressures mean financial institutions should work to keep compliance costs within reason.

90% of respondents expect compliance spending to increase, but the level of increase is beginning to taper off.*

HOW CAN ACCENTURE HELP

Building a responsive strategy and lasting implementation with global perspective

Accenture’s regulatory remediation and compliance transformation capabilities can help financial services firms across the four dimensions of regulation, restructuring, reputation and cost reduction. We help financial institutions with:

Global and local integration:

Helping firms meet regulations, both around the corner and across the globe acquisition integration

Sustainability:

Services offered

We offer several solutions for supporting regulatory remediation and compliance transformation. These include:

Compliance Transformation

Surveillance

Strategy and Target Operating Model

Governance, Risk, Compliance

Management Information and Performance Management

Operations Strategy

Regulatory Change Management

Risk Management

Compliance Labs and Technology

Digital Compliance

Regulatory Remediation

Compliance and Financial Crime Regulations

Conduct Regulations

Front Office Regulations

Insurance Regulations

Prudential Regulations

Structural Regulations

Regulatory Reporting

Third Party Risk Management

2017 COMPLIANCE RISK STUDY

Sustaining compliance through continuous innovation

The compliance function has grown in stature, with a majority of compliance leaders reporting to either the Board or the CEO. But the function cannot rest on its laurels, given dramatic increases in compliance's scale of responsibility and growing complexity in the risk ecosystem.

Innovation can help the compliance function survive and thrive. See how compliance leaders are daring to be different—innovating to drive their function into the future.

Financial services institutions have spent considerable funds over the years on initiatives related to regulatory compliance, but major events continue to affect their reputation and profitability. In most cases, proper surveillance and early notification of improper and/or illegal activities could either have prevented the events from taking place or could have greatly limited their scope and the damage inflicted.

Regulatory Change

Financial services institutions may need a new approach to address regulations and regulatory reform. The sheer size and scope of regulatory change means that interim measures may no longer suffice; instead, financial institutions may wish to initiate a robust and sustainable regulatory change management model.

The changes brought about by the Markets in Financial Instruments Directive II (MiFID II) and Markets in Financial Instruments Regulations (MiFIR), can have operational and revenue effects on investment firms.

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